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Family gifts less than R100 000

Posted 15 February 2016 under Tax Q&A


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LadyBug says:
13 February 2016 at 14:54

Hi there!

I've read your post about family gifts of money and I just want to confirm:

If my father gives me less than R5000 per month as per a family agreement, I do not have to pay tax on the receipt of this money and have to just include it in the section of my tax return as "Amounts not considered taxable"?

As well as this, my father will not have to pay donation tax because the sum will not exceed R50 000 every year?

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TaxTim TaxTim says:
15 February 2016 at 13:49

That is correct. Donations tax is only payable at 20% on amounts exceeding R100,000 per year. Therefore, as long as your father does not make donations to other people (the sum of which exceeds R100,000) he won't be liable for donations tax. You are correct in stating that you need to declare as an "amount not considered taxable" on your tax return.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started